ADMINISTRATIVE

Rev. Proc. 2002–14, page 450. Automobile owners and lessees. This procedure provides owners and lessees of passenger automobiles (including electric automobiles) with tables detailing the limitations on depreciation deductions for automobiles first placed in service during calendar year 2002 and the amounts to be included in income for automobiles first leased during calendar year 2002. In addition, it provides the maximum allowable value of employer-provided automobiles first made available to employees for personal use in calendar year 2002 for which the vehicle cents-per-mile valuation rule provided under section 1.61–21(e) of the regulations may be applicable.

Announcement 2002–6, page 458. This document contains a notice of public hearing on REGs– 142299–01 and 209135–88 (2002–4 I.R.B. 418) relating to certain transactions or events that result in a Regulated Investment Company (RIC) or Real Estate Investment Trust (REIT) owning property that has a basis determined by reference to a C corporation’s basis in the property. A public hearing is scheduled for May 1, 2002.

Announcement 2002–7, page 459. This document contains corrections to temporary regulations (REG–105344–01, 2002–2 I.R.B. 302) which permit the IRS to authorize federal, state, and local agencies with access to returns and return information to redisclose such information, with the Commissioner’s approval, to any authorized recipient set forth in section 6103 of the Code, subject to the same conditions and restrictions, and for the same purposes, as if the recipient had received the information directly from the IRS.